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Reuters Review (9-24)
Reuters commentary (9-24) LME market: Traders and analysts said that the London Metal Exchange (LME) base metal closed lower on Friday, following the failure of follow-up buying by consumers, the fund buying interest weakened. Earlier this week, due to the large flood of funds into the market, copper and aluminum futures touched five-month highs of US$2,955 and US$1,815 per tonne respectively. One trader said: “The fund buying has weakened, and people wait for development. The purchase from the consumer is not big, this has become a contest between the fund and the manufacturer. "Calyon base metal analyst Ahmad said that the market may re-stage the March / April trend, when the fund is also pulling the market At the multi-year high, but unexpectedly the price subsequently fell. LME Copper: Three-month copper closed at $2,910/ton on the day and fell by $22 from Thursday's close, but it still rose nearly $100 during the week. Triland Metals reported in the week Said that the producers re-hedging (hedging) when high. LME aluminum: three-month aluminum fell below 1,800 US dollars per ton, down 19 US dollars to close at 1,795. However, the week still accumulated an increase of 85 US dollars. COMEX copper: Copper Close to flat on Friday, intraday fund buyer and profit Under the wrestling power of the sellers, it was always sawing around the level. Before the arrival of the Jewish holiday, the trade was light, and the copper market needed time to digest the rapid rise that hit a six-month high on Wednesday. December copper tumbled 0.05 cents to end at 1.3575 US dollars per pound, intraday trading in the 1.3450-1.3630 range. COMEX September spot copper fell 0.60 cents to 1.3620 US dollars. The rest of the month contract fell 0.15 cents to Prices rose 0.50 cents. ComEX copper volume was forecast at 10,000, up from 9,965 on Thursday. Open interest on Thursday increased 2,597 to 91,336.